Property Market Update Lower North Shore
LANE COVE Exclusive Development Contact Yvonne Takis 0418 686 993
Property Market Update Lower North Shore
Autumn 2013
National News We have stated that this years´ run Easter will be the strongest and decisive that this market has seen in It seems our predictions are playing the most obvious of ways.
up to of the market, this is bound to translate into most higher prices. years. More broadly, APM figures show that out in Sydney property increased in value over 2012 by 3.2%. Important, because this The first weekend of March provided for market is now well placed to build and strong competition in the housing market. further capitalise on this pre-existing About 500 auctions were scheduled in each momentum. Sydney property takes, on of the past few weeks - more than 20% up average, less than two months to sell on the previous year. These volumes show nowadays, which makes it the fastest that vendors are clearly more confident of moving market in the country and speaks achieving fair-market value and are no volumes about underlying demand. longer sitting on the sidelines. Though to be The prestige sector has been in relative fair, these strong volumes also reflect a hibernation for some time now. This compressed pre-Easter window for characterisation hasn´t changed auctions. dramatically and luxury property still lags Rather than suffer under the weight of more behind the bulk of the market, being patchy stock, the auction clearance rate actually at best. What has changed is the presence has been more reminiscent of boom times, of competition at higher value levels than hovering around the 70% mark. For the bulk what we have previously observed in the
last few years. In the middle market, vendors have been firmer in their asking prices for the first two months of this year. This is a trend that has also been picked up by the SQM Research in their new vendor sentiment index which has improved two months running. Essentially, a rise in asking prices shows that home sellers are becoming more confident and buyers are more accepting of having to compete at a fairer market value. Finally, the tone of RBA statements has also changed substantially. Whilst on one hand, they still stand ready to cut rates. After all, the domestic economy could further deteriorate through the effects of a slowing mining sector and an excessively high exchange rate. Yet on the other hand, they are cautious of further cuts so as to not fuel asset price speculation including excessive house price and credit growth.
Director's Desk There is a real buzz in most markets, where Managers welcome the opportunity to buyers and sellers alike are more energised. discuss this with you further. There is an almost tangible sense amongst many buyers that Lower North Shore property represents strong value. Given this market is coming off a weak base, the smart money is well motivated by realistic opportunities for significant upside in the Interestingly, where next 5 years. This is hard to argue against. previously we spoke about strengthening With a steadily improving stock-market and activity in the sub $1.5M category, we now the availability of 3 year fixed rates lower feel increasingly comfortable in referring to than 5.3%, this momentum is likely to our middle market as sub $2M. persist and is exposed to few short terms Peter Matthews - Managing Director risks. Our Sales Consultants and Portfolio It is a delight to report strong clearance rates, firmer prices and solid inspection numbers for most sectors.
Lower North Shore
RWLNS.com
[email protected]
9953 7333
Property Management News
Leasing Summary
Sydney Rental Market
December 2012 - February 2013
Sydney´s rental vacancy rate remains steady at 1.6% according to The quarter has continued to be very busy for leasing at Ray White SQM. This number remains very low reflecting a shortage of Lower North Shore. accommodation. The weak construction sector seems unable to add meaningfully to the supply of new housing stock year on year • 76 properties leased keeping stock levels tight. Despite this, the value of Sydney house and unit rents, also, • rental range $350 - $3000pw remained steady over the December quarter. Houses and units • rents reviewed for this period - 225 rents were offered on average at $500 and $460 per week respectively across the city. This shows that unlike previous years, • increases in rent for this period - 70 landlords don´t have the same leverage to increase rents. • average vacancy rate 1.3% Current vacancy rates seem ill-equipped to reflect that there is actually a reduced demand for rental properties as a direct Ray White Lower North Shore's Portfolio Managers and Leasing consequence of increased first home buyer activity. There is strong Consultants work hard to maximise our landlord's returns on their evidence that first home buyers, who had previously been sitting on investments. their hands, are now beginning to exit the rental market to purchase their own homes.
Sales Summary 2012 Ray White Lower North Shore Number of properties we sold - 238 Number of groups attended our open homes - 14,979 Number of groups per month January - 547 February - 1487 March - 1901 April - 1021 May - 1102 June - 1130 July - 1021 August - 1206 September - 1686 October - 1788 November - 1456 December - 634
For Sale - Feature Sale Properties
LANE COVE 14-20 Finlayson Street From $500,000
1-3 bed 1-2 bath 1-2 car
WOLLSTONECRAFT 3 bed 9/1-5 Russell Street 2 bath Price guide over $850,000 2 car
Contact Yvonne Takis 0418 686 993
CREMORNE 9/36 Murdoch Street Offers over $590,000
2 bed 1 bath 1 car
Contact Shane Slater 0414 312 013 Kate Elliott 0404 495 912
Contact Sean St Clair 0410 506 661
MOSMAN 3 bed B7/112-114 Cowles Road 2 bath For sale $920,000 2 car
Contact Shane Slater 0414 312 013 Helen Noble 0422 222 557
Sold Properties - Thinking of Selling?
NEUTRAL BAY 3/178 Kurraba Road Sold for $325,000
Studio bed 1 bath
Contact Max Wagschall 0401 859 103
KIRRIBILLI 4/105 High Street Sold for $495,000
1 bed 1 bath 1 car
Contact Max Wagschall 0401 859 103
CREMORNE 1/5 Sutherland Street Sold for $655,000
2 bed 1 bath 1 car
Contact Sharon Cooper 0415 976 169
NEUTRAL BAY 5/83 Kurraba Road Sold for $785,000
2 bed 1 bath
Contact David Gillan 0411 255 914
CREMORNE 2 Bariston Avenue Sold for $1,320,000
3 bed 2 bath 2 car
Contact David Gillan 0411 255 914 Shane Slater 0414 312 013
CREMORNE 3/28 Rangers Road Sold for $1,320,000
3 bed 2 bath 1 car
Contact Shane Slater 0414 312 013
WAVERTON 23 Whatmore Street Sold for $1,680,000
3 bed 2 bath
Contact Robert Holmes 0400 323 828
KIRRIBILLI 102/67 Carabella Street Sold for $910,000
2 bed 1 bath 1 car
Contact Sharon Cooper 0415 976 169
Lower North Shore
RWLNS.com
[email protected]
9953 7333
Property Market Update Lower North Shore
Autumn 2013
National News We have stated that this years´ run Easter will be the strongest and decisive that this market has seen in It seems our predictions are playing the most obvious of ways.
up to of the market, this is bound to translate into most higher prices. years. More broadly, APM figures show that out in Sydney property increased in value over 2012 by 3.2%. Important, because this The first weekend of March provided for market is now well placed to build and strong competition in the housing market. further capitalise on this pre-existing About 500 auctions were scheduled in each momentum. Sydney property takes, on of the past few weeks - more than 20% up average, less than two months to sell on the previous year. These volumes show nowadays, which makes it the fastest that vendors are clearly more confident of moving market in the country and speaks achieving fair-market value and are no volumes about underlying demand. longer sitting on the sidelines. Though to be The prestige sector has been in relative fair, these strong volumes also reflect a hibernation for some time now. This compressed pre-Easter window for characterisation hasn´t changed auctions. dramatically and luxury property still lags Rather than suffer under the weight of more behind the bulk of the market, being patchy stock, the auction clearance rate actually at best. What has changed is the presence has been more reminiscent of boom times, of competition at higher value levels than hovering around the 70% mark. For the bulk what we have previously observed in the
last few years. In the middle market, vendors have been firmer in their asking prices for the first two months of this year. This is a trend that has also been picked up by the SQM Research in their new vendor sentiment index which has improved two months running. Essentially, a rise in asking prices shows that home sellers are becoming more confident and buyers are more accepting of having to compete at a fairer market value. Finally, the tone of RBA statements has also changed substantially. Whilst on one hand, they still stand ready to cut rates. After all, the domestic economy could further deteriorate through the effects of a slowing mining sector and an excessively high exchange rate. Yet on the other hand, they are cautious of further cuts so as to not fuel asset price speculation including excessive house price and credit growth.
Director's Desk There is a real buzz in most markets, where Managers welcome the opportunity to buyers and sellers alike are more energised. discuss this with you further. There is an almost tangible sense amongst many buyers that Lower North Shore property represents strong value. Given this market is coming off a weak base, the smart money is well motivated by realistic opportunities for significant upside in the Interestingly, where next 5 years. This is hard to argue against. previously we spoke about strengthening With a steadily improving stock-market and activity in the sub $1.5M category, we now the availability of 3 year fixed rates lower feel increasingly comfortable in referring to than 5.3%, this momentum is likely to our middle market as sub $2M. persist and is exposed to few short terms Peter Matthews - Managing Director risks. Our Sales Consultants and Portfolio It is a delight to report strong clearance rates, firmer prices and solid inspection numbers for most sectors.
Lower North Shore
RWLNS.com
[email protected]
9953 7333
Property Management News
Leasing Summary
Sydney Rental Market
December 2012 - February 2013
Sydney´s rental vacancy rate remains steady at 1.6% according to The quarter has continued to be very busy for leasing at Ray White SQM. This number remains very low reflecting a shortage of Lower North Shore. accommodation. The weak construction sector seems unable to add meaningfully to the supply of new housing stock year on year • 76 properties leased keeping stock levels tight. Despite this, the value of Sydney house and unit rents, also, • rental range $350 - $3000pw remained steady over the December quarter. Houses and units • rents reviewed for this period - 225 rents were offered on average at $500 and $460 per week respectively across the city. This shows that unlike previous years, • increases in rent for this period - 70 landlords don´t have the same leverage to increase rents. • average vacancy rate 1.3% Current vacancy rates seem ill-equipped to reflect that there is actually a reduced demand for rental properties as a direct Ray White Lower North Shore's Portfolio Managers and Leasing consequence of increased first home buyer activity. There is strong Consultants work hard to maximise our landlord's returns on their evidence that first home buyers, who had previously been sitting on investments. their hands, are now beginning to exit the rental market to purchase their own homes.
Sales Summary 2012 Ray White Lower North Shore Number of properties we sold - 238 Number of groups attended our open homes - 14,979 Number of groups per month January - 547 February - 1487 March - 1901 April - 1021 May - 1102 June - 1130 July - 1021 August - 1206 September - 1686 October - 1788 November - 1456 December - 634
For Sale - Feature Sale Properties
LANE COVE 14-20 Finlayson Street From $500,000
1-3 bed 1-2 bath 1-2 car
WOLLSTONECRAFT 3 bed 9/1-5 Russell Street 2 bath Price guide over $850,000 2 car
Contact Yvonne Takis 0418 686 993
CREMORNE 9/36 Murdoch Street Offers over $590,000
2 bed 1 bath 1 car
Contact Shane Slater 0414 312 013 Kate Elliott 0404 495 912
Contact Sean St Clair 0410 506 661
MOSMAN 3 bed B7/112-114 Cowles Road 2 bath For sale $920,000 2 car
Contact Shane Slater 0414 312 013 Helen Noble 0422 222 557
Sold Properties - Thinking of Selling?
NEUTRAL BAY 3/178 Kurraba Road Sold for $325,000
Studio bed 1 bath
Contact Max Wagschall 0401 859 103
KIRRIBILLI 4/105 High Street Sold for $495,000
1 bed 1 bath 1 car
Contact Max Wagschall 0401 859 103
CREMORNE 1/5 Sutherland Street Sold for $655,000
2 bed 1 bath 1 car
Contact Sharon Cooper 0415 976 169
NEUTRAL BAY 5/83 Kurraba Road Sold for $785,000
2 bed 1 bath
Contact David Gillan 0411 255 914
CREMORNE 2 Bariston Avenue Sold for $1,320,000
3 bed 2 bath 2 car
Contact David Gillan 0411 255 914 Shane Slater 0414 312 013
CREMORNE 3/28 Rangers Road Sold for $1,320,000
3 bed 2 bath 1 car
Contact Shane Slater 0414 312 013
WAVERTON 23 Whatmore Street Sold for $1,680,000
3 bed 2 bath
Contact Robert Holmes 0400 323 828
KIRRIBILLI 102/67 Carabella Street Sold for $910,000
2 bed 1 bath 1 car
Contact Sharon Cooper 0415 976 169
Lower North Shore
RWLNS.com
[email protected]
9953 7333
